WATERBURY -- Ansonia Specialty Metals, maker of nickel-copper tubing, is closing due to foreign competition and federal budget sequestration, a company official confirmed Friday.

The company at 725 Bank St. has been "working toward closure" since B.W. Capital Partners, the firm's Chicago-based equity partner, decided in November to stop backing the firm because of delays in contracts with the Navy, said John Barto, the company's vice president and general manager.

"During the past year, we've encountered a huge, huge lapse in business," he said, adding that B.W. Capital Partners had backed Ansonia Specialty Metals since December 2012. "Most of that work was delayed due to sequestration issues, funding issues and budgetary issues in Washington, D.C."

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